Edtech Startup Mathpresso Secures Extended Series C Round
Mathpresso plans to utilize the investment in further strengthening their vertical services and execution strategy
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Seoul-based edtech startup Mathpresso has completed a Series C extension round, which brings the round's total to approximate $70 million. The newest round was participated by Signite Partners – a corporate venture capital arm of Shinsegae Group and YBM – one of Korea's largest education management companies. Previous backers including Goodwater Capital, SoftBank Ventures Asia, and Mirae Asset Venture Investment also participated in the round. Mathpresso plans to utilize the investment in further strengthening their vertical services and execution strategy.
"Amidst the funding winter and given current macroeconomic challenges, this investment validates our business productivity solutions in creating sustainable social impact," said Jake Lee, Mathpresso's chief executive officer.
The operator of one of Asia's largest education app QANDA, Mathpresso has previously secured capital from Google and GGV Capital; by recognizing text and mathematical formulas in a photo with optical character recognition (OCR) technology, QANDA provides detailed solutions and personalized learning content catered to each user's level. Since its launch, the app has accumulated over 75 million registered users in over 50 countries, claimed by the company in a statement.
"We are extremely grateful for the new and existing shareholders who supported us despite the tough market conditions. We reiterate our commitment to improving user experience and achieving profitable growth," said Soo Nahm, chief financial officer.
The startup was founded in 2015 by Ray Lee and Jake Lee who originally developed QANDA as a 1:1 Q&A service with top university tutors. With the mission to provide the most effective education for all, Mathpresso operates QANDA, an AI-powered learning app that allows students of all levels to receive instant answers and customized learning sources.